A Brief Summary of Contract Law

 A contract plays a significant role among different parties. Millions of contracts come under agreement daily yet many businesses forget to fully understand the terms before signing them. 

 


This post will talk about some common terms and issues of contract law.

 

How does a Contract Form?

 

A contract is formed when two parties sign a formal letter that involves the offer, and mutual assent for the fulfillment of a particular thing. Mutual assent is the consent of both parties that they agree to the terms written within the agreement. Mutual assent doesn’t come into place if both parties can’t agree on the things.

 

Does Oral promise get covered in any contract?

 

The short answer is no. Thus, it is important that if you ever come to an oral promise, proceed ahead with the written contract. It is very possible that oral promises will not be counted as authentic or valid statements. However, this doesn’t mean that the oral promises are not helpful at all. Such things can be used as support materials for attorneys to craft a strategy depending on the direction the dispute is going.

 

 How to Handle the Contract Dispute?

 

For high-profile or high-value contracts, it is advisable to hire an attorney. Attorneys know how to handle these sensitive cases by negotiating and carefully reviewing the contract and dispute. Also, make sure you do this as soon as you know that the dispute is brewing.

 

A good example of this could be a Fraud Case Filed against Isaac Pollak of LGP Ltd who is requested to attend court. Isaac Pollak is president of LGP Ltd. at 10 west 46st is requested to attend court as he took 291000.00 interest on 250000.00. A statement of position has been published by Bais Ha Vaad Rabbinical Court.

 

To read more about the case and contract between the two parties, go here.

 

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